HugoFX Review 2019 | Is HugoFX a Scam or Legit Forex Broker?

Read our HugoFX review to find out if HugoFX is a scam or a reliable forex broker. Unbiased Forex brokers reviews combined with user comments.

Average broker rating

2.3/ 5

Rating breakdown

Protection & Regulations
20% Complete (danger)
1.0/5
Trading platforms
80% Complete (danger)
4.0/5
Tradable Products
20% Complete (danger)
1.0/5
Deposit and withdrawal
60% Complete (danger)
3.0/5
Trading Fees
20% Complete (danger)
1.0/5
Support
80% Complete (danger)
4.0/5
HugoFX
HugoFX Overview

HugoFX, sometimes also referred to as Hugo’s Way FX, is a relatively new forex & CFD broker registered in the Seychelles in 2017. Although the Seychelles generally regulates forex brokers through the Seychelles Financial Services Authority (SFSA), Hugo FX is one of many unregulated forex brokers that operate out of the country in what appears to be a regulatory grey area. Hugo’s Way is a new competitor in the social trading sphere. The space is fairly crowded with services like MyFxBook’s Autotrade, Zulutrade and eToro. That being said, Hugo’s way is still in “beta” - the company is not fully operational and we will have to update this review in the future.

# Broker's Features HUGOFX Availability
# Commissions
# Hedging
# PAMM
# Scalping
# Accepts US traders
# 24 hour trading
# Swaps
# Demo account
# Daily analysis
# Automated trading
# Mobile trading
# Trading by phone
# 1st deposit bonus
# Forex contests competitions
# Bonuses Promotions
# Interest charges on the balance
# Free education
# Expert advisors
# Partnership programs
# Trust management
# 24 hour support

The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review HugoFX.

Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. HugoFX offers Online Financial Trading and Investment Services Such as Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities, Cryptocurrencies.

Tradable Products: In terms of instruments that are available for HugoFX’s clients to trade, the selection includes all of the assets that one would expect to find from any broker these days. In addition to more than 50 forex pairs and stock CFDs of more than 60 companies, HugoFX also offer CFDs based on stock indices, metals, and energy commodities. The broker also offers a selection of more than 30 cryptocurrencies, which is far more than most other forex brokers we have reviewed here on FX-List.

Broker Type: Many types of brokers can be found in the most dynamic market in the world. HugoFX is ECN, STP.

Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. HugoFX recommended minimum capital is $10.

Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. HugoFX is regulated by Not regulated. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.

Investor Protection & Regulations: Hugo’s Way is registered on the Seychelles. The company claims they are applying for a license, but in the mean time they are still unregulated. If you decide to trade with them, you would be taking some risks.

Payment methods: Next lets have a look at each broker's payment options. HugoFX offers Credit/Debit Cards, Bitcoin, Bank Transfer different payment methods for each account types.

Deposit and withdrawal: Trading accounts with HugoFX can be funded either via bank wire transfer, credit & debit card, the popular e-wallet VLoad, or by sending bitcoin. Unfortunately, however, HugoFX charges a fee of USD 25 just for accepting deposits made via bank transfer, which seems a bit unreasonable to us. For credit & debit card deposits, the broker limits the amount that can be sent to a maximum of USD 600 per transfer.

Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, HugoFX makes MetaTrader 4, Web-trader available to clients.

Web & Desktop Trading Platforms: Assets can be traded on the classic MetaTrader 4 (MT4) platform, which also happens to be HugoFX’s only trading platform. Although this certainly doesn’t make the broker stand out in any way, it is still common among forex brokers to rely solely on the MT4 as their platform. And since it is still among the most popular trading platforms in the world, traders seem to be fine with it for the time being.
Mobile Trading Platforms:

Other

Recup
All in all, we believe HugoFX could be an ideal broker for small traders, since they get to enjoy the same conditions as the big boys in terms of leverage and spreads. This is unusual in the brokerage industry, and proves that HugoFX is among the brokers that are targeting the mass market rather than serving the few very large and professional traders.

Final Thoughts
What we don’t like, though, are the many fees that HugoFX charges for depositing and withdrawing money. Fortunately, however, this can be avoided by using bitcoin and certain other payment methods.

People Also Asked

Is HugoFX regulated?
Yes, HugoFX is regulated by top-tier regulators, Not regulated inclusive.
Where is HugoFX based?
HugoFX is based in Seychelles
How does HugoFX make money?
HugoFX charges a spread between the bid price and ask price. It does NOT charges a commission.
How do I deposit in HugoFX account?
With HugoFX you can deposit money via the following means; Credit/Debit Cards, Bitcoin, Bank Transfer.
How do I withdrawal in HugoFX account?
HugoFX lets you request a withdrawal of funds from your account via the following means; Credit/Debit Cards, Bitcoin, Bank Transfer.
What is the minimum deposit for HugoFX?
HugoFX has $10 minimum deposit.
What are the available account base currencies with HugoFX?
HugoFX trading accounts are offered in N/A. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in HugoFX?
HugoFX has a maximum leverage is 1:500 for professional traders.
How do I open an account with HugoFX?
Opening an account with HugoFX is a three-step process. First fill out the registration form, second is to send verification details to the verification department and lastly is to fund your account.
Does HugoFX use MetaTrader?
HugoFX platforms: Yes, HugoFX use MetaTrader as well as the following platforms: MetaTrader 4, Web-trader
What type of broker is HugoFX?
HugoFX appears to be a ECN, STP broker which offers market access to a variety of traders.
Does HugoFX accept US clients?
No
Does HugoFX offers Islamic accounts ?
Yes
What financial instruments can I trade?
You can trade a wide variety of instruments with HugoFX: You can trade a wide variety of instruments with HugoFX: Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities, Cryptocurrencies